Business Interruption Policy Explained - Part 1

[@simisanith4777]

Your sessions are very crisp and crystal clear.. Thank you sir

[@praveshbhadoria4086]

A very informative video on BI in simple language. Thank you sir for making such videos. Pravesh Bhadoria. Risk Engineer Tata AIG

[@smitakulkarni8831]

Excellent knowledge & good information

[@ashutoshtaparia9145]

Sir Please request you a detailed video on Reinstatement Value and Market Value

[@Simthjohnson-z5o]

This is interesting stuff Sir. Thanks so much

[@kapilsoni9538]

I Read the whole FLOP tariff but could not understand much due to its complexity. Just took 25 mins to get the basic understanding. Thank You. Kapil Soni Underwriter, USGIC NLU Jodhpur.

[@VPinsupedia]

Happy to note this.

[@kishanvaghela4053]

Nice video sir

[@amitflint5148]

Excellent Sir

[@maheshtotala8737]

Dear sir. Thank you for the series on LOP. I followed the videos and could pass LOP surveyors exam. I think you have not covered the wages section.

[@VPinsupedia]

yes it is not covered because this provision has become obsolete after non observation of tariff since 2007. This provision was given to avail reduction in premium by insuring wages as a separate item and not as a part of standing charges. this provision lost it's important because in non tariff regime reduction in premium was allowed without doing this due to market competition

[@maheshtotala8737]

@@VPinsupedia ok. I think syllabus needs updation. MLOP and LOP wrt cyber insurance also need to be included, in my view.

[@sthapa9632]

Thank you sir for such knowledgeable videos

[@ShivamShahu]

Very good knowledge sir...

[@prashantmi]

Good stuff sir... waiting for part 2 as this was more for beginners. Plz discuss something on add on covers too which can be offered to loop holes

[@VPinsupedia]

I have already uploaded five parts of business interruption series. Please check on my channel

[@sitarambhakta6115]

Excellent presentation both for beginners present professionals.

[@CAMohammadFareed]

Thank you sir

[@sukumarpm8289]

What will be the benefit if insured opt for indemnity period of less than 12 mn though he is paying premium for annual gross profit?

[@VPinsupedia]

Earlier there was a discount in premium rate for opting indemnity period lower than 12 months but in current scenario there is no discounting hence no benefit in taking shorter indemnity period.

[@dhananjayk.maansingh6884]

Good effort sir.

[@VPinsupedia]

Thanks!

[@xianerae]

Thank you

[@educationhub4413]

Sir are you going to launch videos for motor and health insurance too???

[@VPinsupedia]

Going to launch presentations on various engineering policies very soon. No plans to work on motor and health insurance as these are not my subjects.

[@manabendramanna4379]

very good sir for the beginners. can we have some interaction for knowledge sharing

[@VPinsupedia]

Thanks for the appreciation. You may contact me on my email given in description

[@manabendramanna4379]

@@VPinsupedia ok sir

[@Aditikaushik6347]

When we say in BI POLICY that fire Material policy is compulsory to purchase, then Bi claim will be payable. It means that , client need to have basic standard fire policy, special fire policy or fire Material Damage Insurance POLICY? Since GROSS LOSS is not covered by the BI INSURANCE POLICY but will Standard Fire and Special Policy covers Gross Loss if loss occurred due to fire insured perils? Kindly advise

[@VPinsupedia]

Gross loss is neither covered in BI policy nor under standard fire policy which covers only physical loss or damage to property by a cause covered under the policy.

[@Aditikaushik6347]

@@VPinsupedia Thanks Sir 🙏

[@bipulkumar8295]

Sir, can u explain flop refund under iar policy on gross profit basis

[@VPinsupedia]

if the actual gross profit of the company is declared lower than the BI sum insured of IAR policy after expiry of the policy then the refund of premium is allowed to the maximum of 33% of premium paid.

[@tanushreebanerjee6385]

Sir plz launch videos on engineering insurance

[@MJ-gb4ms]

Sir good afternoon, I have one query related to business interruption claim. If any manufacturing unit shut down due to strike in that area for a month. There is no physical damage, no fire loss nothing happened to manufacturing unit. But due to strike, unit got closed for one month. Can LOP triggered? If yes, how? Please confirm Thanks in advance

[@VPinsupedia]

No BI would trigger unless there is a physical loss or damage to the production property.

[@rainwater2972]

​@@VPinsupedia but sir in the PAR policy there is SRCC cover then LOP will cover?

[@nishmithasalian2250]

Hi Sir, has there ever been a situation where a client has refused to buy a commercial insurance policy and years later when a major claim like fire occurred they realised the importance and decided to buy insurance? What's the % of such clients and how are such cases handled?

[@nishmithasalian2250]

Since sometimes clients refuse to buy insurance policy stating that they would likely not incur any loss cos of various safety measures or maintenance they have taken.

[@VPinsupedia]

@nishmithasalian2250 this has happened on number of occasions where insured requested for policy immediately after a major loss and that time he has to pay hire premium then what he was required to pay earlier. Same thing happens in respect of BI policy which is initially not taken but after suffering production loss during interruption period of six months or so, he approaches Insurance Company for fire loss of profit policy.

[@maheshsandpa]

sir if there is a partial loss and say 20% loss of income is there than will it be 5 times of excess i. e. 7 x 5=35 days of GP.

[@VPinsupedia]

There is no clarity in your question. Please elaborate

[@maheshsandpa]

@@VPinsupedia sir, in case if there a loss in a plant and only 20% production loss is there i. e. 1/5th of production loss. in that scenario how would we compute excess. also if there is departmental clause applied will it make diff in application of excess.

[@VPinsupedia]

@@maheshsandpa time excess does not depend on percentage of production loss whether it is 20% or 30%. Suppose the policy is issued with 14 days time excess that means in the event of a business interruption loss whether it is full or partial, the excess shall be calculated by multiplying the 14 days standard turnover with rate of gross profit. Please see the calculation of BI loss in my presentation to get clarity on this subject.

[@rainwater2972]

❤

[@ntobekonobetsiki8306]

Can I have your lessons on PowerPoint sir?

[@VPinsupedia]

You can see PDF copy of my presentation on my website vpinsupedia.com